Furniture manufacturer receives £7.5m investment from stakeholders

The Belfield Group, an Ilkeston manufacturer of furniture and home furnishings, has received a £7.5m investment from its principal stakeholders, NorthEdge and Virgin Money.

This investment is part of a larger plan to support the business’s transformation efforts for Westbridge, Tetrad, Belfield Home & Leisure, and Clinchplain and will facilitate investments in plant, equipment, system upgrades, and facility modernisation.

Tom Prestwich, group managing director, said: “This investment from NorthEdge and Virgin Money is great news for the Group and for everyone at our Westbridge, Tetrad, Belfield Home & Leisure, and Clinchplain operations. We are proud of our heritage in design-led innovation and the quality and craftsmanship of our products.  We have brilliant and talented people at the Group who have worked tirelessly through challenging market conditions to enhance the Group’s status as a people-first, customer experience-driven, design-led business and I can’t wait to work with them to deliver our future. Special thanks to NorthEdge and Virgin Money for showing their support and confidence in us to deliver on our plans.”

Nicola McQuaid, investment director for NorthEdge, said: “We are delighted to be investing in the Group at this time.  The Group’s plans are very exciting and will deliver substantial strategic value to all stakeholders.  Tom and his wider team have done a magnificent job to reposition the Group as a resilient business in a challenging market and we look forward to working with him and his team.”

Tracey Bailey, senior director, Virgin Money, added: “Virgin Money has enjoyed a long and successful relationship with the Belfield Group, and we are delighted to play our part in supporting the business at this exciting time.”